KEY POINTS:
Ngai Tahu Holdings Group has benefited from a healthy appetite for crayfish in China, better tourism earnings and the sale of its stake in Ryman Healthcare to boost its net surplus to $80.3 million for the year to June.
This is up from $9.3 million in the previous 12 months for the South Island iwi with nearly 40,000 beneficiaries. Before profit on the sale of assets, the net operating surplus was $21.2 million, up 46 per cent.
Group chairman Wally Stone said tourism and seafood operations had undergone substantial changes to achieve the strong result.
Ngai Tahu Seafood's $9.2 million operating profit represented a $32.1 million turnaround.
Inventory and operating costs had been cut and lobster harvested from around the South Island for export had fetched high prices, especially in China.
During the year Ngai Tahu Tourism had bought Dart Wilderness Adventures at Glenorchy and Guiding Company in Franz Josef.
The group has recently sold just under half of its 12.5 per cent stake in Ryman Healthcare for $63 million.
Its property arm posted earnings before interest and taxation of $11.9 million, down from $36.3 million last year.
This was due to a shift in focus to build up on the investment property portfolio rather than sell.
